5 Ways Social Media Referral Marketing Can Help Your Earn Extra Money

In an era where side hustles and supplementary income streams are gaining prominence, referral marketing has emerged as a lucrative avenue for individuals to bolster their earnings. Across India, referral partners are harnessing the power of social media to build a second income in conjunction with their regular salaries, courtesy of the innovative referral programs offered by various banks.

Among these, IDFC FIRST Bank's MyFIRST Partner program stands out as a shining example, allowing referral partners to earn more than ₹1,00,000 monthly. Moreover, to sign up for the MyFIRST Partner program, referral partners must invest a total of ₹0 as initial investment. This article explains referral marketing through social media, shedding light on how individuals can leverage this opportunity to their advantage.

How to earn through referral marketing on social media?
 

If you have signed up for referral services in India, here are five ways to build a solid side income through referral marketing:

1. Choose a referral program that helps you earn a significant monthly income
 

Referral marketing on social media begins with choosing the right program that aligns with your goals. The IDFC FIRST Bank's MyFIRST Partner program helps Referral Partners make more than ₹1,00,000 monthly by depositing a 1.5% pay-out in their bank accounts after every successful referral. Individuals can tap into their network's financial needs and channel them towards services offered by the bank by sharing personalised referral links on social media platforms.

2. Connect with people and improve your communication skills
 

Referral marketing is as much about building relationships as it is about promoting a product or service. To succeed, referral partners need to engage effectively with their audience on social media. By fostering genuine connections and improving their communication skills, they can establish trust and credibility among their followers. Sharing personal experiences with the bank's services, responding to queries, and addressing concerns can significantly enhance the likelihood of successful referrals.

3. Check whether you are eligible to be a Referral Partner
 

While referral marketing offers exciting earning potential, it's essential to ensure that you meet the eligibility criteria of the program. In the case of IDFC FIRST Bank's MyFIRST Partner program, individuals can be eligible if they are Indian citizens, at least eighteen years old, and have a bank account at an Indian bank.

4. Choose a secure and convenient referral services app
 

Referral marketing's success also hinges on the platform used to manage referrals. Opting for a secure and user-friendly referral services app, like the IDFC FIRST Bank MyFIRST Partner app, streamlines the process. Referral partners can easily resolve their queries through the MyFIRST Partner app by addressing them to Relationship Managers or to IDFC FIRST Bank’s Central Helpline. The app is easy to use and does not pose any technical glitches.

5. Harness the advantage of association with a popular brand
 

One distinct advantage of referral marketing through programs like MyFIRST Partner is the association with a reputable and popular brand like IDFC FIRST Bank. The bank's established credibility enhances the Referral Partner's pitch, making it easier to convince potential customers to explore the bank's services.

How can you join the MyFIRST Partner Referral Program?

1. Download the MyFIRST Partner app:

Download the user-friendly MyFIRST Partner app, available on both Android and iOS platforms.

2. Submit the required documents:

Provide your bank details, PAN, and address proof to verify your identity and eligibility, ensuring a smooth onboarding process.

3. Get Your digital ID:

Once verified, you will receive a unique digital ID that you can use to generate personalized referral links.

4. Track your referred loan applications:

Share these links with your network, encouraging them to explore the bank's services. The app allows you to track the progress of your referrals, from application to approval.

Referral marketing on social media has become a dynamic means for individuals to augment their income streams. With programs like IDFC FIRST Bank's MyFIRST Partner, referral partners can unlock impressive earning potentials by capitalizing on their social connections and network's financial needs. 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.